Greg Jamison didn’t buy the Phoenix Coyotes on Jan. 31, missing out on a beneficial $308 million city of Glendale arena deal that essentially subsidized his bid. The missed deadline and Jamison’s inability to raise the cash increased the odds that the league-owned Coyotes will be sold and moved out of the Phoenix market.

There were plenty of skeptics all along to Jamison’s bid and whether he had the money to buy the financially struggling Coyotes. But there also were plenty of folks around the Coyotes, Glendale City Hall and media reports ­— including from the Phoenix Business Journal — voicing confidence the deal would get done.

We reported when we heard Jamison was short on cash, needed investors or last-minute help from the National Hockey League. We also reported when officials around the Jamison bid, the Coyotes and Glendale were confident the deal was going to get done.

Jamison had the blessing of the NHL and $308 million from Glendale in his favor. Coyotes’ captain Shane Doan re-signed in September after assurances were made to him the team would be sold to the Jamison group. Coyotes players, staff and executives are privately upset the latest effort faltered after three years of assurances of the team’s sale and future in Glendale.

No deal

Backers at Glendale City Hall and around the hockey team’s front office were routinely assured the deal was going to happen. That resulted in reports — including from here — that the deal was close, the deal was eminent, the deal was going to get done.

Then on Wednesday, those assurances eroded and confidence waned. On Thursday night, Jamison confirmed he doesn’t have the money. The deal never got done, continuously extending the Coyotes ownership saga and uncertain future.

That left Glendale and its new City Council and mayor facing the reality of the Coyotes leaving. There could be a new group or recycled ownership bid from past suitors — Jerry Reinsdorf, Ice Edge Holdings or Matthew Hulsizer. Fox Sports Arizona reported Friday there could be interest from a wealthy Canadian businessman in buying the hockey team and keeping them here. The Coyotes saga has been replete with tire kickers and window shoppers, to partially borrow a line from the Toronto Globe & Mail.

Burn me once

But the city is not likely to offer a big $300 million arena subsidy again, and the NHL would have to sell the team in a fire sale to keep it here.

The NHL and city could give a new owner an out to move the team after five years to get a deal done for the money-losing Coyotes. Otherwise, who will buy a team that has been on the market for years?

Jamison said he still is trying to buy the team. But if passing the hat around when Glendale had its $300 million arena deal on the table didn’t bring in enough money, how will Jamison buy the team with that city cash gone?

Depending on who you talk to, information obviously has been sketchy. Jamison either lost investors late in the process over management of team, was never that close to having the needed cash, or the NHL would not budge on price and financing when Jamison was close to getting the deal done.

The NHL bought the Coyotes out of Chapter 11 bankruptcy in 2009 for $140 million. The league wants $170 million for a team it can’t sell and keep in Phoenix.

“We remain hopeful the Coyotes sale process will be resolved successfully and we will continue to work with the City of Glendale to move the process forward,” said NHL deputy commissioner Bill Daly in statement.

“The city and the current owner of the Coyotes, the National Hockey League, will continue to work together on a solution that is in the best interest of Glendale and our citizens. The next step involves seeking direction from the City Council to determine how to move forward with this process,” the statement reads.

Glendale has crafted at least seven different arena and revenue plans to help potential Coyotes buyers acquire the team. None of them have worked and none of the prospective buyers have consummated a deal.

What’s next?

There are wildcards and unlikely chances of the Coyotes long-term future being at a new arena somewhere else in the Valley perhaps with American Indian tribe partner.

The most likely path for the NHL and Coyotes now — barring a new and unlikely deal here — is for suitors from Quebec City, Seattle and even markets such as Oklahoma City, Kansas City and Las Vegas to come calling for a team that can’t get sold here in the Valley.

The Coyotes are here for the rest of this season, and the NHL will certainly entertain new offers. But those offers may also be welcomed outside the Valley.

Mike Sunnucks is a senior reporter for Phoenix Business Journal, a sister publication of Sporting News.